Recent weeks have witnessed another disaster for the cryptocurrency industry. FTX, one of the largest crypto exchanges, failed. The price of bitcoin, the largest cryptocurrency, fell by more than 20 percent. Industry-wide exposure to FTX is still unknown, with the solvency of several companies still in question. Crypto critics, including Securities and Exchange Commission (SEC) Chair Gary Gensler, have used this event as a call for greater regulation. However, traditional regulations may actually worsen financial risk in the crypto industry. Decentralized blockchain technology provides better solutions for protecting consumers and reducing financial risk. This year has seen a series
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